Tipsord shed the malignant growth that was the bank. It's clearly been in the works for approximately three years. Thank you to the leader who read between the lines and advised me to head to the enterprise 2.5 years ago. I hope this shedding serves the holdover AVP and his minions what they deserve. Pink slips. Terrible people. Kudos to Tisord for refocusing our business.
26 replies (most recent on top)
Meek and his minions should be laid off now. They're worthless. Their purpose of spewing nonsense while the us bank deal was finalized is complete. Get them all out of here. Don't let them infect the Enterprise!
No one cares to hear your nonsense. You are ignorant and a broken record. Take your junk down the road.....
The goals
For bank and insurance obviously was to give each potential and current customer a social score. And use “data” to make everyone a good or bad number and raise premiums and treat people like c-ap unless are in the club. SF way. But redlining is wrong.
Are bank people finding jobs in the Enterprise?
What about all of the EOM folks who mysteriously got moved early?
How are meek and his minions holding up? They are literally the mascots for SF Bank's demise. Such clowns.
“The Mulvaney Discount” repost
White House Gave A Big ‘Discount’ To Banks That Abused Consumers
https://www.nationalmemo.com/white-house-gave-a-big-discount-to-banks-that-abused-consumers/?cn-reloaded=1
Dumpster Fire Donnie is probably getting another car out of this
@2sli
The employees of SFB were a product if the leadership team that hired them and the roles they were in.
Some areas/leaders hired with mother mutual's premise that technical knowledge and experience did not matter. "A successful leader in SF can be successful in Bank" This was a major flaw and the beginning of the end for SFB.
“The Mulvaney Discount”
White House Gave A Big ‘Discount’ To Banks That Abused Consumers
https://www.nationalmemo.com/white-house-gave-a-big-discount-to-banks-that-abused-consumers/?cn-reloaded=1
There was a settlement in December 2018 with SF Bank and The Bureau of Consumer Financial Protection over what looked like another fake account thing. There was basically no penalty, which is pretty unfathomable for a operation of this size ($16B plus assets), and there isn’t much information in the order. Would be interesting to know more about all that. Was it just absolute incompetence and negligence of the highest order, or corporate cheating and greed that led to that? One thing is sure, and that is that it’s most certainly one or the other.
https://www.consumerfinance.gov/policy-compliance/enforcement/actions/state-farm-bank-fsb/
As a former SF Bank employee I feel for (many of) those in Bank who have to scramble for jobs. The unfolding economic slowdown won't help. But at least E-12 will stop their ridiculous spin that the hapless Bank will help replace declining Auto revenue.
Sadly, the Bank employees had no real banking skills, so I doubt there is really any other place to put these folks in the enterprise. I feel sorry for them as I'm sure most will be let go...sure will not be good for a Central Illinois economy that is already sluggish, stagnant, and declining. The gravy train has come off the tracks.....
Ken Meek is a terrible person
The video message said some things are still being worked on and all require regulatory approval. But they clearly stated they expect to cease operations by year end.
No need to speculate further.
Auto, Heloc and business loans to be sold off, apparently we will stand behind the GAP coverage we placed on the auto loans. There will NOT be a SF bank going forward just a branded credit card offering thru US Bank as I understood the press release.
Ex SFB employee here. Question for the group:
The press coverage I have seen details card and deposit accounts moving to US Bank and may eventually expand to include vehicle loans and business banking services. How will auto and biz loans be handled in the meantime?
It sounds to me as though the banking charter will be kept in place to offer these, for the time being.
Talked to my agency support folks today, they all seem to be in shock the bank was done, speaks to the general level of myopia in management. I had been telling them for years it was not long lived. Zero independent thought in our agency management, only good for spewing the party line and sending out daily net policy gain/loss reports. OMFG, we are down 3 non tenant fire policies for the week. Yea, we will lose our #1 spot shortly. 35 year agent here.
So, what's the read on whether the holdover AVP knew about the sale or not?
The non auto, property affiliates made 2 Billion-which makes the bank profit neglible.....
Interesting the negative comments regarding bank. Besides investments, did anyone make money besides Bank?
As an ex-SFB employee, all I see was a missed opportunity. State Farm started an all online bank in 1999, at a time when the internet was just getting off the ground commercially and regulation was much lighter (pre-USA PATRIOT Act). Could you imagine what would have happened if we had tech-forward leadership back in 1999 and through the early 2000s? Yes, the bank became an albatross in its waning years and needed to go. But that's a shortsighted way of looking at things. State Farm had a golden opportunity and completely blew it.
Holdover AVP and his minions are a laughing stock. Always have been. So dumb they think they're smart. Zero legitimate accomplishments in that entire group. mo–ns.
Dummies think they reinvent the wheel. Go figure.
I believe the regulators helped them find an exit for this line of business. There is not enough brain power at the top to make this happen on their own.
Don't lavish too much praise on Tipsord, even a blind squirrel finds a nut once in a while.